Financial issues are often a source of strife between married couples. That is why developing a prenuptial agreement is such a good idea for so many people, as it can provide a framework for asset division in the event of divorce.
You might not think your situation requires a prenup or worry that it might hurt your relationship. The truth is that these agreements can actually strengthen marriages by ensuring transparency with financial matters. Here are a few benefits you can expect with a prenup.
Protection for other family members
Prenuptial agreements are very beneficial during second marriages. You can include terms within the contract stipulating that any children from a previous relationship must receive a certain portion of your assets. Blended families can face many challenges due to financial and asset issues, but a prenup reduces some stress by providing a clear outline.
Clarification on financial issues
It is important to be on the same page as your spouse when it comes to finances. Unfortunately, too many couples fail to have these talks before their marriages actually take place. You must discuss financial issues as you are drafting the prenup, so you will have the opportunity to talk about your personal perspective on finances. Getting these matters out in the open is key for optimum transparency and honesty in your relationship.
Control over asset division
When drafting your prenup, you will get to decide how to divide shared assets between you and your former spouse. While the negotiation process is usually challenging, most couples prefer it to letting the court decide. Also, making these decisions while your relationship is in a good place is much easier than doing so when it is ending.